DHT
Announces extension of charters for its nine vessels

DEC, 02.2008

 

DHT Maritime, Inc., listed on NYSE, announced that it has reached an agreement with Overseas Shipholding Group (OSG) whereby OSG has declared part of the extension options for the seven vessels on time charter from DHT upon expiry of the vessels current initial charter periods.

The declared extensions increase DHT's fixed charter coverage from an average of 3.7 to 4.6 years for the total fleet of 9 vessels. The contracted fixed charter hire revenues for the company will increase by a minimum USD 70m to about USD 400m as a result of the extensions.

For 2 of the vessels, “Overseas Ania” and “Overseas Rebecca”, with current initial charter periods ending in October 2010, OSG has declared the options for a period of 18 months at the base rate.

For the 5 vessels, “Overseas Cathy”, “Overseas Sophie”, “Overseas Ann”, “Overseas Chris”, and “Overseas Regal”, with current initial charter periods ending between April 2011 and April 2012, OSG has declared the options for a period of 12 months. The base rate for the extension periods will be either the base rate stipulated in the charter parties or, if the one year time charter rate is lower, a base rate which is no more than USD 5,000 per day below the base rate stipulated in the charter parties.

The profit sharing arrangement, whereby DHT earns an additional amount equal to 40% of the excess of vessels' actual net daily earnings, will remain in place for all vessels.